When the addition to a monopolist's total profit is negative from selling another unit, then it follows that
A. MR > MC.
B. MR > ATC.
C. MR = MC.
D. MR < MC.
Answer: D
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Which of the following prices could represent Sally's willingness to pay for a pair of shoes if she bought them for $45?
A. $15.00 B. $25.00 C. $44.99 D. $55.00
The demand curve for a monopolistically competitive firm has a:
A. positive slope and the marginal revenue curve has a negative slope. B. negative slope and the marginal revenue curve has a negative slope. C. negative slope and the marginal revenue curve has a positive slope. D. positive slope and the marginal revenue curve has a positive slope.
Seasonally adjusted unemployment rates
A) are the same as the unadjusted rates in periods of bad weather. B) are not calculated for the U.S. economy. C) adjust for the predictable summer increase in the unemployment rate for teenagers. D) adjust for the predictable summer decrease in the unemployment rate for teenagers.
Farmer Fanny sells her crops in a perfectly competitive market. If she produces 500 bushels for total revenue of $2,500 and if harvesting the 501st bushel would raise her total cost from $2,500 to $2,505, her
a. revenue will increase by $10 if she harvests the 501st bushel b. revenue will fall by $5 if she harvests the 501st bushel c. average fixed cost will rise if she harvests the 501st bushel d. profit will fall by $10 if she harvests the 501st bushel e. profit will remain unchanged if she harvests the 501st bushel